GAN shareholders nod Sega Sammy merger deal

Feb 15, 2024 Newsdesk iGaming, Industry Talk, Latest News  

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GAN Ltd, an online gaming enterprise said its shareholders, “overwhelmingly approved” on Tuesday the merger deal with casino equipment maker Sega Sammy Creation Inc, valued at US$107.6 million.

Sega Sammy Creation, a unit of Japan’s Sega Sammy Holdings Inc, announced in November that it is to pay US$1.97 per share – via a special purpose company – to acquire GAN, a firm offering business-to-business software services in the United States, and business-to-consumer services in Europe and South America.

“Over 95 percent of the votes cast voted in favour of the approval of the merger agreement and the merger. Approximately 51 percent of GAN’s issued ordinary shares as of the close of business on January 2, 2024, the record date for the meeting, were represented at the meeting,” stated the company in a press release.

The closing of the merger is “expected to occur in late 2024 or early 2025, subject to the satisfaction or waiver of certain conditions to closing, including the approval of the merger and change in control of GAN by certain gaming authorities,” said the company.

Upon the completion of the merger, GAN will cease to be a publicly-traded company.

The management of Sega Sammy Holdings had said the acquisition of GAN would help create “significant synergies” with other businesses of the group, especially as the iGaming segment is expected to be legalised in more states in the U.S. market.

The suitor gave some more insight on its online strategy in recent comments to GGRAsia.

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